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Stocks fell Friday as another bout of heavy selling in technology names put pressure on Wall Street.
The Dow Jones Industrial index lost 488.23 points, or 1%, to 46,968.099.
The S&P 500 gave back 47.29 points to 6,690.20
The NASDAQ pulled back 149.50 points to 22,720.85.
Key technology stocks continued to face pressure Friday. Nvidia and Advanced Micro Devices each extended their losses from the previous session. Palantir Technologies and Tesla also fell, following losses of more than 6% by both in the prior session.
Bitcoin saw meaningful losses Friday as well, falling below $95,000 at one point in the day, in a sign of the risk-off mood on Wall Street, especially by tech investors.
Major U.S. indexes on Thursday posted their worst one-day performance since Oct. 10. The Dow about 800 points, taking back gains seen in Wednesday’s session when it crossed the 48,000 level.
The NASDAQ dropped more than 2%, as technology giants came away battered. Those losses have now put the tech-heavy NASDAQ on pace to snap its seven-week win streak with a week-to-date fall of 0.6%.
The S&P 500 is up about 0.1% on the week, and the 30-stock Dow is higher by 1%.
Concerns about the artificial intelligence trade have emerged more seriously this week, with the recent wipeout in once-hot cloud stock Oracle further spooking investors about elevated tech valuations, a massive surge in debt financing and soaring AI capex plans. To be sure, Oracle’s growth is uniquely more reliant on its cloud deal with OpenAI and the company has far less cash compared to hyperscalers.
Prices for the 10-year Treasury crept up, lowering yields to 4.11% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.09 to $59.78 U.S. a barrel.
Gold prices stumbled $125.50 to $4,069 U.S. an ounce.
